Present invention relates to a composition and a process for the permanent shaping of human hair used both for the permanent waving of human hair with an excellent waving effect as well as for the straightening of either naturally or chemically curled hair wherein optimum hair conditioning is observed. The present invention is an aqueous composition for permanent shaping and/or straightening hair based on at least one reducing agent and comprising further aqueous dispersed droplets of ethylene/octene copolymer stabilized with ethylene/sodium acrylate copolymer. Present invention is at the same time on the process for permanent shaping wherein the composition of the invention is used.